Brent $88 and US crude $83.50 rise on Hormuz tensions
Oil prices are creeping up again, mainly because tensions near the Strait of Hormuz, a key route for global oil shipments, aren't letting up.
Brent crude is now at $88 a barrel and US oil is at $83.50 a barrel, following a sharp more than 5% jump just a day before.
The big reason? Ongoing delays in reopening the strait and worries about supply disruptions.
Goldman Sachs warns $120 a barrel
U.S.-Iran relations are adding to the uncertainty, with President Trump demanding Iran pay for past conflicts and claiming the US has cleared mines in the area.
Meanwhile, attacks on ships and refinery delays in Saudi Arabia have experts warning that oil could get a lot pricier if things don't calm down soon: Goldman Sachs even says prices could hit $120 a barrel if this keeps up.
If tensions ease, though, we might see prices settle back to around $80 a barrel later this year.